Construction Loan How To Finance A New Home
By Eleanor Thorne, Equity Resources 919-649-5058
(Equity Resources)
If you want to find a Builder to build your home on a lot, how do you do that? One way is to have the Builder take out a mortgage, and in that situation, you normally have to make a pretty sizable deposit with the builder, often times it’s at least 20%. IF you own the lot, you might have to sign it over to the Builder. After all they are taking a huge risk that they will build the house, tie up their materials, man hours and credit line, and you might not ever be able to close. With our new a construction loan, you can combine your lot and construction financing into a single loan. We only require a 10% down payment, and when your home is complete, we’ll simply modify your construction loan to a permanent mortgage.How to Finance A New Home With A Construction LoanIf you are building...
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